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Update: ADM Energy JV Advances Planned US Oil, Gas Portfolio Acquisition

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(Updates to clarify asset interest in the third paragraph)

Energy investment group ADM Energy (ADME.L) said Friday that Vega Upstream JV, its joint venture with Covenant Oil Group, is progressing with the planned acquisition of a portfolio of oil and gas assets in Oklahoma, US.

Vega Upstream JV has so far invested $950,000 toward the proposed acquisition, which comprises a 49.4% working interest in 28 operated natural gas, natural gas liquids, and oil wells; a 3.9% working and/or overriding royalty interest in 250 non-operated natural gas, natural gas liquids, and oil wells; and a natural gas gathering system.

ADM Energy recently raised its asset interest in the joint venture to 25% from 10%, and has the option to increase it up to 35%.

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